Ronn Torossian, CEO, 5WPR
The marketing landscape is constantly shifting and changing, the same way that the customer’s needs and wants are shifting according to the current trends. The biggest trend in the past few months, especially with the younger generations, specifically with teens, has been TikTok, which skyrocketed in popularity this year.
The platform became the second most popular social media platform, right before Instagram. However, Snapchat is still retaining its spot as the most popular platform with these generations, while Instagram is still the most-used platform.
According to a recent Piper Sandler survey, teens are also very interested in online shopping, compared to other shopping channels, even though the overall spending has been at an all-time low in the past few months. Still, considering the current worldwide pandemic, that’s to be expected.
The report from Piper Sandler gives great insight into the younger generations’ consumer behavior. The latest edition of the survey underscored how 2020 had impacted teenagers’ shopping habits and brand preferences.
With few opportunities for group socialization, food, and events, these categories have seen a dramatic decrease in popularity, giving rise to video games and home and room accessories, which reflects the worldwide pandemic-related trends that have kept everyone separated behind closed doors. Spending more time at home also meant that there had been an increase in streamed entertainment, as shown by the popularity of Netflix and YouTube, followed by the traditional cable TV, which has dropped in popularity in the past few months.
The preferred e-commerce platform for more than half of the surveyed people was Amazon, while Shein was a close second. In the past, the second spot was held by Nike, which now dropped to third place, although the brand still has the number one spot as the most preferred brand for apparel. Additionally, Shein is also the number one brand that teenagers are starting to wear.
Throughout the report, there was a notable trend of teenagers being a lot more cautious with how they were spending their money, with a new trend of secondhand shopping on the rise in the past few months. However, with very few reasons to dress up and go out, their spending on apparel and cosmetics has drastically decreased compared to last year’s fall.
Furthermore, in terms of brands for apparel, the main preference with teenagers was athletic brands, with the likes of Nike, which has been their number one choice for the past decade, followed by Adidas in the third spot.
Finally, despite all of the reduced spending with every single generation, there has been a lot of popularity with video games too, with teenagers not only spending a lot more financially in that regard but also spending a lot more time playing them, compared to last year. Besides spending a lot more time playing games, more than half of teenagers reported that they planned to purchase one of the next-generation consoles.